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CP
Covalent Partners Portfolio holdings
AUM
$17.6M
1-Year Est. Return
2.91%
This Fund
S&P 500
This Quarter
Est. Return
+10.29%
1 Year Est. Return
+2.91%
3 Year Est. Return
+36.56%
5 Year Est. Return
+67.28%
10 Year Est. Return
+115.1%
AUM
$492M
AUM Growth
+$50.7M
(+11%)
Cap. Flow
-$35.7M
Cap. Flow
% of AUM
-7.26%
Top 10 Holdings %
Top 10 Hldgs %
58.31%
Holding
39
New
6
Increased
12
Reduced
7
Closed
3
Avg Time Held Equity + Options
3.1
quarters
Top 10 Avg Time Held Equity + Options
3.5
quarters
Top 20 Avg Time Held Equity + Options
3
quarters
Avg Time Held Equity only
3.3
quarters
Top 10 Avg Time Held Equity only
3.5
quarters
Top 20 Avg Time Held Equity only
3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPN
Superior Energy Services, Inc.
SPN
|
+$9.21M |
| 2 |
Patterson-UTI
PTEN
|
+$4.89M |
| 3 |
WLH
WILLIAM LYON HOMES
WLH
|
+$4.6M |
| 4 |
Lennar Class A
LEN
|
+$4.27M |
| 5 |
Citigroup
C
|
+$4.18M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TMHC
Taylor Morrison
TMHC
|
+$16.5M |
| 2 |
General Motors
GM
|
+$14.6M |
| 3 |
MGM Resorts International
MGM
|
+$14.5M |
| 4 |
American Airlines Group
AAL
|
+$10M |
| 5 |
TRK
Speedway Motorsports, Inc.
TRK
|
+$7.51M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 60.16% |
| 2 | Miscellaneous | 11.52% |
| 3 | Industrials | 9.26% |
| 4 | Financials | 8.82% |
| 5 | Real Estate | 6.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Citigroup
C
$217B
| $36.5M | 7.42% |
707,497
+82,000
| +13% | +$4.18M |
2013 Q2
7 quarters
|
|
|
RYL
2
DELISTED
RYLAND GROUP INC
RYL
| $34.2M | 6.96% |
702,387
+74,300
| +12% | +$3.18M |
2014 Q1
4 quarters
|
|
3
Pultegroup
PHM
$21.4B
| $33.7M | 6.85% |
1,515,301
-164,851
| -10% | -$3.59M |
2014 Q1
4 quarters
|
|
|
4
General Motors
GM
$72.6B
| $30.6M | 6.22% |
815,542
-400,800
| -33% | -$14.6M |
2013 Q2
7 quarters
|
|
5
Gaming and Leisure Properties
GLPI
$11.1B
| $29.8M | 6.06% |
807,259
| – | – |
2013 Q4
5 quarters
|
|
|
NCFT
6
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
| $29.7M | 6.03% |
1,159,724
+54,000
| +5% | +$1.14M |
2013 Q4
5 quarters
|
|
|
7
MGM Resorts International
MGM
$7.36B
| $26.5M | 5.39% |
1,260,902
-695,000
| -36% | -$14.5M |
2013 Q2
7 quarters
|
|
8
Dana Inc
DAN
$3.16B
| $24M | 4.87% |
1,132,087
-254,000
| -18% | -$5.49M |
2013 Q2
7 quarters
|
|
|
9
Lennar Class A
LEN
$18.2B
| $18.2M | 3.7% |
368,959
+93,712
| +34% | +$4.27M |
2014 Q4
1 quarter
|
|
10
PENN Entertainment
PENN
$2.08B
| $17.9M | 3.64% |
1,141,564
-139,976
| -11% | -$2.2M |
2014 Q4
1 quarter
|
|
|
ISCA
11
DELISTED
International Speedway Corp
ISCA
| $16.6M | 3.37% |
507,780
| – | – |
2013 Q2
7 quarters
|
|
12
Meritage Homes
MTH
$3.83B
| $15.8M | 3.22% |
651,000
+95,000
| +17% | +$1.92M |
2014 Q4
1 quarter
|
|
13
D.R. Horton
DHI
$37.7B
| $15.3M | 3.12% |
538,500
+144,500
| +37% | +$3.76M |
2014 Q4
1 quarter
|
|
|
NWHM
14
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $14.5M | 2.95% |
908,643
+117,433
| +15% | +$1.68M |
2014 Q1
4 quarters
|
|
|
WLH
15
DELISTED
WILLIAM LYON HOMES
WLH
| $13M | 2.64% |
503,301
+212,801
| +73% | +$4.6M |
2014 Q4
1 quarter
|
|
|
SPN
16
DELISTED
Superior Energy Services, Inc.
SPN
| $9.91M | 2.02% |
+44,340
| New | +$9.21M |
2015 Q1
0 quarters
|
|
17
Monarch Casino & Resort
MCRI
$2.05B
| $8.78M | 1.79% |
458,872
+1,800
| +0.4% | +$32.2K |
2013 Q4
5 quarters
|
|
|
18
American Airlines Group
AAL
$8.45B
| $8.43M | 1.71% |
159,660
-197,000
| -55% | -$10M |
2013 Q4
5 quarters
|
|
|
WCIC
19
DELISTED
WCI Communities, Inc.
WCIC
| $8.35M | 1.7% |
348,459
+154,859
| +80% | +$3.26M |
2014 Q4
1 quarter
|
|
20
Ford
F
$48.5B
| $7.83M | 1.59% |
484,812
| – | – |
2013 Q2
7 quarters
|
|
|
CNR
21
DELISTED
Cornerstone Building Brands, Inc.
CNR
| $7.42M | 1.51% |
429,208
| – | – |
2013 Q2
7 quarters
|
|
22
Goldman Sachs
GS
$261B
| $6.92M | 1.41% |
36,802
| – | – |
2013 Q2
7 quarters
|
|
23
M/I Homes
MHO
$3.23B
| $6.89M | 1.4% |
288,962
+61,490
| +27% | +$1.35M |
2014 Q1
4 quarters
|
|
|
24
Patterson-UTI
PTEN
$4.31B
| $5.35M | 1.09% |
+285,000
| New | +$4.89M |
2015 Q1
0 quarters
|
|
25
Sinclair Inc
SBGI
$921M
| $5.02M | 1.02% |
159,893
-207,000
| -56% | -$5.62M |
2013 Q2
7 quarters
|
|
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Covalent Partners's Q1 2015 Portfolio in Review
As of Q1 2015, Covalent Partners held 39 positions worth $492M, up 11% from $441M the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Covalent Partners withdrew a net $35.7M in Q1 2015, closing 3 positions and reducing 7 holdings. Its most notable exit was Taylor Morrison, an estimated $16.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, down from 70% a quarter earlier, followed by Miscellaneous and Industrials.
Against the trend, Covalent Partners opened a new position in Superior Energy Services, Inc. worth $9.91M.
- Covalent Partners's largest Q1 2015 buy was Superior Energy Services, Inc.: 44,340 shares worth $9.91M.
- Covalent Partners added most to WILLIAM LYON HOMES in Q1 2015, an estimated $4.6M increase.
- Covalent Partners's biggest Q1 2015 reduction was General Motors, cutting an estimated $14.6M.
- Covalent Partners fully exited Taylor Morrison in Q1 2015, selling an estimated $16.5M.
- Covalent Partners's ten largest holdings make up 58% of its $492M portfolio in Q1 2015.
- Covalent Partners opened 6 new positions and closed 3 in Q1 2015.
- Covalent Partners's portfolio value rose 11% quarter-over-quarter to $492M.
Based on Covalent Partners's 13F filing for Q1 2015, filed 15 May 2015.